The Securities and Exchange Board of India (Sebi) is considering a proposal to allow mutual funds (MFs) to charge a fee based on their performance, said Ananta Barua, whole-time member of the markets regulator. He said the proposal is being reviewed by a working group formed to look into cost structures. “One working group has been set up which is going to review… One of the suggestions is that if any scheme or fund is performing well above the benchmark, it (fee) can be linked to its performance.
Posts tagged Rediff
Go First woes: IndiGo, SpiceJet good momentum plays (11-05-2023)
Wadia Group-owned Go First Airways’ (Go First) insolvency plea could trigger a ‘momentum rally’ in shares of rival airlines, Interglobe Aviation (parent company of IndiGo) and SpiceJet, as they look to gain bankrupt airline’s market share, said analysts. On the bourses, shares of InterGlobe Aviation hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE in Wednesday’s intra-day trade, before settling 4.5 per cent higher at Rs 2,164 apiece. Those of SpiceJet and Jet Airways, meanwhile, rallied up to 6 per cent in the intra-day trade, and ended 1 per cent and 5 per cent higher, respectively, following the development, which was announced post market hours on Tuesday.
‘Build portfolio in mid-, small caps’ (11-05-2023)
‘As the Indian economy continues to expand over the next three years, mid- and small-caps should do well as they have higher exposure to the domestic economy than large-caps.’
Narrowest since July’21: BSE closes in on trading gap (11-05-2023)
The gap between the highs and the lows in April for the benchmark S and P BSE Sensex was just 4.1 per cent – the narrowest since July 2021 and nearly half its three-year average. The absence of major positive triggers, sectoral rotation, and cautiousness due to earnings and economic uncertainty have kept a tight leash on the markets, observe experts. Remarkably enough, during the 17 trading sessions in April, the Sensex didn’t even log an advance or a decline of more than 1 per cent.
MFs offload equities worth Rs 5,100 crore in April (11-05-2023)
Mutual funds (MFs) turned net sellers of equities in April amid a run up in stock prices on sustained inflows from foreign portfolio investors (FPI). The benchmark indices, Sensex and Nifty50, logged their biggest monthly advance since November last year, gaining 3.6 per cent and 4.1 per cent last month. Data from the Securities and Exchange Board of India (Sebi) shows that MFs sold equities worth over Rs 5,100 crore in April, the highest since February 2021.
Will ED Raids Derail BYJU’s Funding Plans? (11-05-2023)
‘Which fund manager in the world will put money into a company that hasn’t filed its annual account?’
‘No shell co in Mauritius; Hindenburg charges false’ (10-05-2023)
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation’s Parliament that Hindenburg Research’s allegations of the presence of ‘shell’ companies in the Island nation are ‘false and baseless’ and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
ED searches 2 former IL and FS auditors (10-05-2023)
The ED carried out searches against two former auditor firms of IL and FS — BSR and Associates and Deloitte Haskins and Sells — on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL and FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
Sensex gains 179 points in highly volatile trade (10-05-2023)
Among the Sensex firms, IndusInd Bank, Power Grid, Tata Motors, Bajaj Finance, NTPC, HDFC Bank, Reliance Industries, Nestle and Kotak Mahindra Bank were the major gainers. Infosys, State Bank of India, Tata Steel, Hindustan Unilever and Titan were the major laggards.
Q4 results: Private sector banks post 9.7% decline (10-05-2023)
Private sector banks reported a robust profile with healthy growth in net interest income (NII), credit offtake and reduction in provision burden for the fourth quarter ended March 2023 (Q4 of FY23). However, as a pack, their net profit declined by 9.7 per cent year-on-year (YoY) at Rs 25,317 crore in Q4. This is because Axis Bank posted losses due to its one-time hefty charge for the acquisition of Citibank India’s consumer business.